Senate President Pro Tempore Joe Scarnati (R-25) and Senate Majority Leader Jake Corman (R-34) issued the following statement on the need to pass a fiscally responsible, balanced budget, after the Commonwealth credit rating was downgraded today by Standard and Poor’s.

“Resolving the state’s fiscal issues through compromise must happen immediately. In reaching a final resolution, the budget must be balanced for this year and next. We need to plan responsibly today for a better tomorrow, understanding the far-reaching importance of the tough decisions that we have to make now.

“The significance of this downgrade is something that we grasp and is part of why the Senate worked to finalize a responsible budget package in July. We agree with S&P’s concerns about the need for stability in our financial plans to address the ongoing structural deficit.

“We are concerned about the overall fiscal health of the Commonwealth. The perceptions of Pennsylvania and its finances are vital when attracting economic growth of small and large employers.”